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Auction numbers have surged off the back of a strong market since the start of 2014, with 42% more homes sold under the hammer compared to this time last year, according to RP Data.
Not including this week, there have been 36,608 homes sold at auction across Australia, compared to 25,623 last year.
But demand is still meeting supply, as the national clearance rate lifts back up to 68.4% off 1544 auctions, despite a slight dip <a href="https://www.smartcompany.com.au/finance/investment/43209-a-tale-of-two-auction-cities-melbourne-misses-the-mark-as-sydney-soars-into-spring" target="_blank">last week</a>.
RP Data Victorian housing market specialist Robert Larocca told SmartCompany increased auction volumes were partly due to a general market improvement, but primarily due to a swell in the number of auctions throughout Sydney.
Australia’s biggest city scored a strong 76.7% clearance rate off 562 auctions at the weekend.
Larocca says a number of local home owners who traditionally would have shied away from selling their properties under the hammer, now have the confidence to go to auction.
“It looks like, for the first time, there’s a shift towards the auction sales method,” says Larocca.
“There have always been auctions in Sydney, but they have mostly played second rung to Melbourne.
Larocca says nationally, however, over the last 12 months there has been a higher proportion of residential sales via auctions.
“Auctions work well with a competitive market place,” he says.
“Given the clearance rates, it’s clear that decision by agents and vendors to go to auction is paying off.”
Larocca says there has been a 30% increase in the number of properties sold at auction in Melbourne compared to the same time last year, echoing the strong market.
This week, Melbourne had a clearance of 67.7% as 719 properties faced the auction block.
Brisbane had a better week, with 50% clearance on 98 homes, while Adelaide was solid at 69.2% off 71 properties.
We can expect a gradual building of stock numbers as we head into spring, according to Larocca.
Melbourne, the country’s largest auction market, is expecting to hit auction numbers at around 800-900 in the coming weeks, while Sydney is expected to sit just slightly below those figures.
Larocca say clearance rates indicate a positive outlook for vendors, with plenty of buyers still in the market.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Auction numbers swells as spring approaches

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Last week Melbourne got to show off its café culture to some new friends – 12 rescue cats.
<a href="https://www.smartcompany.com.au/growth/41989-hello-kitty-australia-s-first-cat-cafe-to-launch-in-melbourne" target="_blank">Australia’s first cat café</a> opened in the heart of Melbourne and the novel idea has struck a chord with customers, with the café booked out for the next few weeks.
Cat cafes are hugely popular in countries such as Japan and a number of European cities, where people who cannot own a pet due to their small apartments and long working hours can still enjoy animal affection.
Owner Anita Loughran and her partner raised over $20,000 through crowdfunding and overcame a series of unique challenges to get their small business off the ground, including <a href="https://www.smartcompany.com.au/people/42610-cat-cafe-lands-on-its-feet-after-social-media-uproar">a social media stoush</a> and finding a landlord happy enough to house 12 cats on the premises.
Loughran also struggled with Australia’s strict health and safety laws, which initially prevented her from serving food and drink with the cats.
The café is now able to serve food and drink downstairs, which patrons can take upstairs when they pet the cats.
Loughran sat down with SmartCompany to tell us how the journey has been so far.
{qtube vid:=8fiNLblE-7M}
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Playing cat and house: Australia’s first cat café opens in Melbourne

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The Melbourne property market stumbled over its first hurdle at the weekend, as a rise in auction volumes saw the city post a relatively poor clearance rate of 63.9%.
The result pulled down the national average to 65.9%, after it <a href="https://www.smartcompany.com.au/finance/investment/43101-national-clearance-rate-lifts-as-spring-market-expected-to-still-bloom">lifted last week</a> to 69.7%.
Melbourne sold only 397 of the 738 properties that went under the hammer, according to RP Data.
RP Data Victorian housing market specialist Robert Larocca told SmartCompany the weekend was the first real test for Melbourne, with a rise in auction numbers in the all-important inner-east area.
“The first weekend with better volumes has created a cause for concern,” Larocca says.
Larocca says the announcement of unemployment figures last week detracted from consumer confidence in Victoria, which has lately been “middle of the road” in the state.
But he notes this is potentially good news for buyers, as vendors may lower their price expectations.
In contrast, Sydney scored a 75.5% clearance on its 530 auctions, with 332 properties changing hands across the city.
“Sydney is proving a consistent and strong market,” Larocca says. “It really is building a solid base for spring.”
Larocca says Sydney will be the market to watch from an auction perspective as spring approaches, if stock volumes remain as high as anticipated.
“It could be a spring like Sydney has never seen before,” he says.
Around the country, the smaller auction markets were mixed. Adelaide notched a 75.0% clearance on 55 auctions, while Brisbane lagged again with a 35.3% clearance on 121 properties.
New listing activity is up 2.5% on a seasonally adjusted month-on-month change, according to RP Data.
Larocca says this is to be expected at this time of year as the market heads into the full bloom for spring.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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A tale of two auction cities: Melbourne misses the mark as Sydney soars into spring

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The property clearance rate crept higher again across capital cities this weekend, as experts shrug off suggestions the spring market will not reach full bloom this year.
The national clearance rate has remained <a href="https://www.smartcompany.com.au/finance/investment/42998-strong-clearance-rates-keep-auction-market-warm-through-winter">unseasonably strong</a> for winter, rising to 69.7% off the back of 1,467 auctions this weekend, up from 67.3% last week, according to RP Data.
Property analyst Louis Christopher, from SQM Research, said he didn’t put stock in predictions the spring market may be smaller than usual.
Christopher says there will be just as many buyers around, but the number of listings should swell.
“Clearance rates will fall and commentators will say there has been a slow down,” says Christopher.
He says comments pointing to a price growth “slow down” are inaccurate, and it is more likely the market was just experiencing a natural seasonal lull.
“The market has still got a lot of momentum,” he says, pointing to a tempo of a 7% rise in national property prices. That tempo has hit 15% in Sydney, according to Christopher. 
RP Data spokesman Robert Larocca agrees there is no evidence of a slowdown, said this morning that all indications show spring volumes will be larger in volume than a year ago.
At the weekend, Sydney’s auction market again performed outstandingly, with a clearance of 77.6% as 583 properties went under the hammer.
Melbourne cleared 70.9% of its 637 auctions.
Larocca says the weekend’s results were a good sign for the Melbourne market, which has been playing second fiddle to Sydney’s auction strength.
“Last week Melbourne dragged the national clearance rate down, but this week it contributed substantially, and that bodes well for those in Melbourne,” says Larocca.
Adelaide had a clearance of 60.3% on 94 auctions, while Brisbane preformed woefully, with a 32.3% clearance on 96 properties.
A review of volumes nationally over the first eight months of the year shows there have been nearly 50,833 capital city auctions in total, or 38% more auctions held when compared to the same period last year, according to RP Data.
Christopher shrugged off commentators saying buyers are showing signs of ­resistance to higher prices at the end of an 18-month upturn.
“They were saying that two years ago. Buyers will always be unhappy about prices,” he says.
Christopher predicts spring listings will be strong but says it will be interesting to compare the numbers to that of last year’s strong season.
Larocca says the growth is more moderate than levels associated with the 2007 and 2010 cycles.
“I remember in 2010 and 2007, buyers were complaining about prices rising in front of their eyes. They are less likely to be surpassed by rising prices now [than back then],” he says.
This article first appeared on <a href="https://www.smartCompany.com.au" target="_blank">SmartCompany.</a>
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Spring market expected to boom as national clearance rate lifts

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The weekend’s hot clearance rates have kept the property market unseasonably warm for winter, particularly in the big auction cities of Sydney and Melbourne.
RP Data’s preliminary figures show Sydney with a clearance rate of 75.9% for 657 <a href="https://www.smartcompany.com.au/finance/42971-13-tips-for-buying-at-auction">auctions</a>, the highest in the city for 17 weeks.
Melbourne notched a 66.1% clearance rate with 722 homes going under the hammer, while Adelaide sat at a healthy 62.8% off the back of 68 auctions.
The median price for house in Sydney was $635,000, while it was just $100,000 less for a unit. Melbourne’s house/units medians were similarly close, at $478,000 and $420,000 respectively.
Brisbane’s auction market continued its lukewarm performance, with 44.2% of its 159 auctions sold on the auction block.
The national clearance rate dipped slightly to 67.3% from 69% last week.
RP Data's senior research analyst Cameron Kusher told SmartCompany the results were strong for this time of year.
He said this was particularly evident in the number of auctions taking place throughout the traditionally quiet winter period.
“It shows that, particularly in Sydney and Melbourne, there is still a confidence in the market. People are still willing to sell their homes by auction,” says Kusher.
RP Data predicts auction volumes in August and September to be around 10-20% higher than last year.
While Kusher predicts similar market conditions for this spring as last year, he says the next few months will be the real test as buyers keep an eye on interest rates.
“It will be interesting to see how long the market can sustain this,” says Kusher. “At some point, the market will have to cool.”
Kusher says the growth phase has now been sustained for two years, traditionally the length of a property boom.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
 
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Strong clearance rates keep auction market warm through winter

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It may be a wide brown land, but 80% of the dollar value of all goods and services in Australia is generated on just 0.2% of the nation’s land mass according to a study released this week.
While it is <a href="https://www.smartcompany.com.au/growth/economy/42737-did-you-know-you-spend-11-000-each-year-while-at-work?utm_source=SmartCompany&amp;utm_campaign=7fc71d8377-Friday_9_July_201409_07_2014&amp;utm_medium=email&amp;utm_term=0_234118efee-7fc71d8377-93033274">notoriously expensive to work in the CBD</a>, the study by the Grattan Institute shows nearly all of the dollar value of Australia’s goods and services is coming out of our central business districts.
The <a href="https://grattan.edu.au/static/files/assets/d9ea2b85/814-mapping-australia-economy.pdf">study</a> shows workers in Perth’s relatively small CBD were the most economically productive employees in the country, generating the highest value of economic activity per working hour in 2011-12, at $124 per hour.
Sydney workers produced $100 in value for every hour they worked there, while workers in the Melbourne CBD (including Docklands and Southbank) produced $87 per hour.
Grattan Institute cities researcher Paul Donegan told SmartCompany Perth’s productivity is tied to the mining boom, with one in three employees of mining companies located within the Perth CBD.
“Jobs such as engineers and software programmers, those jobs play a very important role in generating productivity, just as important as fly in fly out workers,” says Donegan.
If workers employed in the mining industry are excluded form Perth’s figures, the area’s labour productivity drops to below $90 per hour.
The report shows the combined CBDs of Sydney and Melbourne alone – 7.1 square kilometres – generate nearly 10% of Australia’s economic activity, three times that produced by the agricultural sector.
Donegan says there are two major reasons why the CBD produces the greatest wealth – because it has the best access to skilled workers and because it places businesses close to other businesses.
“As the workforce becomes more skilled and specialised, you want to have best choice of possible employees,” says Donegan. He says being in an area well-connected to public transport is particularly important to make it as easy as possible for the best talent to access a company.
“Being close to other businesses makes it easier for businesses to come up with new ideas, get deals done and meet people face to face,” says Donegan.
He says the Australian economy has shifted its reliance from regional agricultural areas, to manufacturing areas dispersed across the country, and now to highly digitised industries found in CBDs. Industries such as professional and financial services now makes up a large percentage of Australia’s wealth generation.
Donegan says the major challenge this concentration will create moving forward is the issue of population growth away from city centres.
“Employment growth is highest in the centre of the city, meanwhile population growth is the highest further away from the city,” he says.  
“These are areas not well serviced by public transport and are a long way from where employment growth is happening.  People in those areas, to some extent, are cut off form opportunities created by concentrated economic growth.”
Donegan says this will in turn harm the economy if business can’t get the best access to the deepest pools of skilled employees.
“If people can’t access those potential employers, that is bad for business because they won’t find the best fit.”
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Australia’s top money-making hotspots revealed

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The Australian Tax Office has sent caution letters to the operators of 2,000 SMSFs about illegal ‘divided washing’ practices, as trustees are again being told to take heed of warnings or risk facing tough new penalties.
The advice follows a string of <a href="https://www.smartcompany.com.au/finance/investment/42864-smsf-trustees-warned-not-to-take-financial-advice-from-real-estate-agents">recent warnings about SMSF trustee obligations</a> and the introduction of <a href="https://www.smartcompany.com.au/finance/superannuation/42422-eight-things-you-need-to-know-to-get-your-smsf-ready-for-the-end-of-the-financial-year">weighty new penalties brought in</a> at the start of this month.
In a <a href="https://www.ato.gov.au/Media-centre/Speeches/Other/Update-from-the-ATO-on-recent-compliance-activity,-areas-of-concern-with-SMSFs-and-the-ATOs-future-priorities/">speech</a> given at the CPA Conference yesterday, ATO assistant commissioner Matt Bambrick revealed the tax office had sent around 2,000 self-amendment letters to SMSFs it identified as having potentially implemented a share trading strategy known as dividend washing.
The warning cautioned SMSF trustees that such a practice was a breach of tax rules.
Crowe Horwath tax director Tim Holloway told SmartCompany dividend washing, which is based on a specific tax ruling, is a strategy to gain double franking credits on shares.
“It occurs where you have any type of entity that owns shares in a company, which then sells those shares ex-dividend,” says Holloway.
“Which means, when the shares go to a new owner, the new owner does not have the entitlement to get the franking credits. Even though they’re selling the shares, the previous owner still has an entitlement to the franking credits.”
Holloway explains that when an entity then buys the same number of shares in the same company, on what is called “special market”, which trades on a different basis to the normal market, they are effectively buying shares that still have an entitlement to the franking credit and therefore doubling their credits, despite owning the exact same amount of shares.
“They have the credits attaching to the shares they sold, and they have managed to actually get credits because they bought on this special market,” says Holloway.
“The ATO holds the view that the only reason you’ve done this, is to get that benefit of the double franking credits, because if you didn’t get that benefit the transactions would not be commercial,” he says.
Holloway says while it is hard to tell how common the practice is, the fact the ATO sent out 2,000+ letters implies it has seen incidences of dividend washing, or what look to be dividend washing.
“Clearly they are a few of these incidences and the ATO are acting upon it,” says Holloway.
Holloway says the penalty the ATO might impose on an SMSF found to be dividend washing would depend on whether the actions were found to be done on purpose.
“If they feel that it’s deliberate, then you can get hit with pretty significant penalties,” says Holloway.
In his speech, Bambrick highlighted additional “emerging risks” for SMSFs to be aware of, including: the potential to contravene purposes tests by attending overseas SMSF conferences; dividend stripping, where a company distributes retained earnings to a member just as they retire; and illegal early release of super benefits.
Bambrick said the new penalty regimes allowed the ATO to impose penalties that were more in line with a breach than it previously could.
“The accuracy and independence of SMSF auditors has always been critical to our compliance monitoring but now we’ll be relying even more on these auditors to identify and rectify minor breaches,” said Bambrick.
“In dealing with non-compliance by SMSF trustees, we may take one or several courses of action, depending on the seriousness of the contravention and the circumstances involved.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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ATO cracks down on dirty SMSFs, warning against ‘dividend washing’ 

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Trustees of self-managed super funds are being warned about the legal implications of accepting advice from real estate agents when investing their funds in property.
The warning comes as <a href="https://www.smartcompany.com.au/finance/superannuation/42422-eight-things-you-need-to-know-to-get-your-smsf-ready-for-the-end-of-the-financial-year" target="_blank">hefty new penalty regimes that punish trustees misusing their SMSFs</a> came into place at the start of July.
Australian Securities and Investments Commission commissioner, Greg Tanzer, raised the issue yesterday when he spoke at the annual CPA Australia Self-Managed Super Funds Conference.
“ASIC is aware that there has been a sharp rise in promoters recommending that investors either set up or use an existing SMSF to invest in property,” Tanzer said in his <a href="https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Regulators-perspective-on-the-regulation-of-SMSFs--speech.pdf/%24file/Regulators-perspective-on-the-regulation-of-SMSFs--speech.pdf" target="_blank">speech</a>. “These promoters may not be complying with the law.”
Tanzer said ASIC was concerned that, with the increased popularity of SMSFs and property investment, real estate agents and property advisers may not have realised they may be providing financial product advice and may need an Australian Financial Services (AFS) licence, or authorisation under an AFS licence.
“Specifically, we are concerned about advertisements claiming that consumers can use their superannuation to purchase a property using the NRAS and receive ‘$100,000 tax free’,” said Tanzer.
“These advertisements do not provide a balanced message about the features, benefits and risks of investing in NRAS property through an SMSF,” he said.
Graeme Colley, director of technical and professional standards at the SMSF Professionals’ Association of Australia, told SmartCompany a trustee cannot seek advice which is regarded as financial product advice from anyone without an Australian financial service licence or authorisation of one.
“If you seek advice, make sure it is from are a licenced financial planner,” says Colley.
Colley says it is likely that most real estate agents are unaware that what they are doing could be illegal. He says agents frequently give advice about investing in personal property, but should be aware that there are different laws concerning SMSFs.
“The same rules don’t apply as investing in personal property,” says Colley, who says even a ‘barbecue conversation’ regarding where money should be invested is considered financial advice.
Colley and the SMSF Professionals’ Association of Australia are calling for legislation to be put in place to give ASIC further control over the type of advice given and by whom.
He warns SMSF trustees to “get a second opinion” if advised to roll over their superannuation to set up a SMSF fund and invest in property.
Colley also warns anyone nearing retirement age about the potential danger of investing their SMSF in property. He says for those near retirement who invest in real estate – and who then find that they can’t get a tenant or need cash flow – contribution age rules may stop them from putting money back into the fund.
“The older you are the more careful you need to be,” he says.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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SMSF trustees warned not to take financial advice from real estate agents

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Credit provider GE Money has been slapped with a $1.5 million fine by the Federal Court for forcing customers to consent to receiving invitations to increase their credit card limits.
The court found GE Capital Finance Australia, which trades as GE Money, was in breach of <a href="https://www.smartcompany.com.au/finance/24771-commbank-cops-a-serve-for-credit-limit-increase-approach-to-customers-ahead-of-new-laws" target="_blank">laws that ban credit providers from making unsolicited credit limit increase offers</a> to customers.
The credit company told more than 700,000 of its credit card customers they had to consent to receiving such invitations in order to activate their credit card or apply for or obtain an increased credit limit, when it did not require such consent.
The conduct took place between January 5 and May 27, 2012, shortly before the government’s prohibition on unsolicited invitations.
Justice Peter Jacobson slammed the creditor’s conduct as “a systematic and deliberate attempt to mislead cardholders” and said GE Money’s motivation was to avoid projected losses of up to $6 million as a result of the tightening regulations.
In imposing a penalty of $1.5 million, the court said: “What was involved was an attempt to obtain consents in an unlawful manner, and the adoption of a cynical approach by seeking to make the cardholders’ choices less straightforward.”
GE Capital was ordered to pay the Australian Securities and Investment Commission another $50,000 for costs and to advise 210,000 affected cardholders what the decision meant via email or letter and by publishing a notice on its website.
GE Capital admitted it had broken the law during proceedings.
A spokesperson for the company told SmartCompany GE Capital had been working with ASIC for some time on the matter and had already sent the note to customers.
“We have also been working with the regulator and government and will continue to do so,” said the spokesperson.
Sally Scott, partner at Hall &amp; Wilcox, told SmartCompany it was common for credit card holders to receive regular invitations to increase their credit limits prior to the new laws, which commenced on July 1, 2012.
Since that time, Scott says before sending out invitations for credit limit increases, credit card companies have been required to obtain consent from card holders to send out invitations.
“It appears that GE Capital sought to short cut this requirement by telling consumers that they needed to consent in order to activate their card,” says Scott.
“In fact, GE Capital did not require such consent for cards to be activated. For this reason, the court determined that the statement was misleading.”
Scott says for businesses it’s not just a matter of checking that their advertising is not misleading, they need to consider every aspect of their business and what representations they make, whether to consumers or other businesses.
“In a week where we have seen misleading conduct cases in relation to <a href="https://www.smartcompany.com.au/legal/42613-accc-cracks-down-on-spreets-daily-deals-site-for-alleged-false-claims" target="_blank">an online buying site</a> and <a href="https://www.smartcompany.com.au/legal/42636-accc-takes-electrodry-to-court-over-fake-online-review-claims" target="_blank">online testimonials/reviews</a>, this case provides yet another example of the far reach of misleading conduct law,” says Scott.
“The golden rule is that you can’t mislead in business.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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GE Money fined $1.5 million for forcing customers to consent to credit increase invitations

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Australia’s banks are the most profitable in the world, according to the latest <a href="https://www.bis.org/publ/arpdf/ar2014e6.htm" target="_blank">annual report</a> from the Bank of International Settlements.
The big four last year pocketed $27 billion in profit, up 9.5% on the previous year.
Australian banks lead the world in terms of pre-tax profits (as a percentage of total assets) at 1.28%, with the US coming in a close second at 1.24%. Australia also showed the third best net-interest margin, the fifth best loan loss provisions and the third lowest operating costs.
Australia’s insurance sector also stood out as the best performing in the world.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Aussie banks the world's most profitable

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
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The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
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Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

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Kirsten Robb

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